Month: October 2018

International Breweries Plc (“IB Plc”) said it rang-up a net loss of N7.1bn for the first nine months of 2018. This is despite seeing a revenue growth of 128% to N83bn in the period from N36.5bn in the prior year.
The Nigerian unit of Anheuser-Busch InBev said skyrocketing net finance cost was to blame as it rose 187% to N9.2bn.
IB has been consolidating its holdings in the country as well as ramping up capacity to take on rivals, Nigerian Breweries Plc and Guinness Nigeria plc. The company merged its three breweries in the country (Intafact Beverages Ltd, Pabod Breweries and Int’l Breweries) into one as it completed the construction of a fourth brewery in Sagamu in August, said to be its second largest in Africa after one it owns in South Africa at a cost of $250 million.
With the massive

Higher sales boosted net earnings of Beta Glass Plc in the first nine months of 2018.
In the release of its financial results, the company said that net income rose 58% to N3.5bn in the periods, January-September, from N2.2bn in the same period last year.
The profit growth was fueled by a 29% surge in net revenue to N19.1bn, from N14.9bn in 2017.
Operating Profit grew 68% in the period, thanks in part to a decline in selling and distribution expense and a strong growth of ‘other income’.
Beta Glass makes glass bottles and containers for the beverage industry and others.
Source: products

The Peoples Democratic Party has decided to surrender the position of Speaker of House of Representatives to the region if it wins the 2019 presidential election, THE PUNCH reports. The party, which is wooing the region which produced the incumbe ...Powered by WPeMatico

President Muhammadu Buhari, on Tuesday met behind closed-doors with State Governors from the South-South geopolitical zones, at the Presidential Villa in Abuja. Four out of the six Governors of the zone were present in the meeting which lasted abo ...Powered by WPeMatico

Nestle Nigeria Plc reported a net profit growth of 44% in the nine months to the end of September.
The maker of Milo chocolate drink said that profit hit ₦33bn in nine months, with the growth accelerating in the third quarter, helped by an 85% drop in net finance cost to ₦1.27bn from ₦8.6bn.
According to the company, sales grew 9.7% in the nine months to ₦203bn, from ₦185bn, with the beverage segment which accounted for 36% of the increase lifted by a 9% sales growth to ₦74bn. The food segment which includes Maggi, Cerelac, Nutrend, Nan, Lactogen and Golden Morn, accounting for 64% of group sales, rose 10% to ₦129bn.
Commenting on the results, the company said, “Our growth is the result of our disciplined execution and investments in the expansion of our route to market; our marketing init

Anheuser-Busch InBev said its profits for the third quarter of 2018 fell 37.4% to $1.6bn from $2.6bn in the prior year, and declining 11.7% to $5.2bn from $5.9bn in the nine months to the end of September. This was despite posting a revenue growth of 4.5% in the quarter and 4.6% sales growth in the 9-months.
The company blamed the drop in profits on beer volume declines in Brazil and Argentina as both countries remain marred in the midst of a difficult macroeconomic environment. The firm also cites a ‘mark-to-market’ loss linked to the hedging of its share-based payment programmes for the declines.
The company cut its dividend to shareholders in half to €1.80 a share and shares in the maker of Budweiser shed as much as 11% on Thursday, its sharpest fall in a decade, before recovering some

There were strong indications on Monday that more All Progressives Congress members of the House of Representatives might leave the party as the raging crisis over the loss of return tickets for 2019 deepened. Findings showed that about 36 more ag ...Powered by WPeMatico

A former Minister of Education and presidential candidate of the Allied Congress Party of Nigeria, Oby Ezekwesili, has declared President Muhammadu Buhari-led administration as corrupt. Ezekwesili indicted Buhari for shielding corrupt individuals ...Powered by WPeMatico